FERC Approves Dynegy Settlement

Federal regulators have agreed to a deal to give California utilities their money back from overcharges during the 2000-01 Energy Crisis:

Federal regulators approved a settlement late Monday between Dynegy Inc., California power companies and state agencies that wipes out $281.5 million in unpaid electricity bills during the state's energy crisis.

The Federal Energy Regulatory Commission approved the settlement -- which was agreed upon in April -- by West Coast Power LLC, which is a 50-50 joint venture between Houston-based Dynegy and Minneapolis-based NRG Energy.

The settlement resolves refund claims and accusations the companies charged unjust or unreasonable electricity rates after October 2000.